Consider bankruptcy, debt management or debt settlement when either of these is true: Consider a do-it-yourself plan — which can include a combination of debt consolidation, appeals to creditors and stricter budgeting — if you can repay your unsecured debts within five years.The debt relief industry includes scammers who are eager to take what little money you have.We recommend talking with a bankruptcy attorney first, before you pursue any debt relief strategy.Initial consultations are often free, and if you don’t qualify, you can move on to other options. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " With so many websites offering free financial tools, it can be hard to know whom to trust. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. We're on your side, even if it means we don't make a cent.At Nerd Wallet, we thoroughly research financial products and companies, and adhere to strict standards of editorial integrity to find you the best choices.

If you are able to stick with the plan for its full term, the remaining unsecured debt is discharged.Many people who enter debt relief programs fail to complete them.You could end up with debts that have grown and a credit score that has tanked.But debt relief done cautiously can give you the new start or the breathing room you need to finally make real progress.Be sure you understand — and verify — these points before entering any agreement: There’s little point in entering a debt settlement or debt management plan if you’re not able to make all the payments you’re agreeing to.